PastaDAO Update — May 2021
Read below for the past month’s PastaDAO updates.
🗳 Governance
Proposal 8: Contribute PASTA to Gitcoin Grants
This snapshot proposal specified a donation of 150,000 PASTA to Gitcoin Grants, in furtherance of the previous DAO proposal #3 to donate to public goods.
Proposal 9: Reimburse DAO Expenses #2
This snapshot proposal authorizes reimbursement of gas expenses to mubaris for deployment of governance and liquidity incentive contracts. This amounts to a total of 13,165 PASTA to cover 1.0366 ETH (effective rate of 12,700 PASTA per ETH).
Proposal 10: Transfer Initial Funds to DAO Timelock
This snapshot proposal authorizes transferring 100,000 PASTA from the multisig to the on chain governance timelock contract. This is intended to help bootstrap on chain governance and reduce governance execution risk.
🏗 Development / Operations
mubaris handled deployment of the liquidity incentives PastaChef contract, PASTA/ETH LP staking contract, governor alpha, and timelock, as well as making a useful front end site (pastadao.org) for depositing to the DAO staking contract. For deposit or withdraw instructions using Etherscan, check out this post.
We also held a liquidity incentive program for one week, distributing 100,000 PASTA directly to the Uniswap v2 PASTA/ETH pool. While the incentives didn’t lead to a large increase in LP participation, it did help the pool maintain steady liquidity despite a downward price trend over the month. The community can take learnings from this experiment to design future liquidity incentives.
I’m currently working on final arrangements for PastaDAO’s donation to Gitcoin. This will involve transferring 30,000 DAI to Gitcoin Grants multisig address. Public goods funding is a core part of the PastaDAO mission, and helps us build on the most important scarce resource — legitimacy.
🏦 Treasury
To fund the Gitcoin donation, PastaDAO executed a trade of 150,000 PASTA for 30,000 DAI with members of the community.
The DAO multisig also transferred 8,045 PASTA to monetsupply and 30,083 PASTA to mubaris for previously approved expense reimbursements and development grants. And the week long liquidity incentive program used 100,000 PASTA from the treasury.
Currently the multisig has an available/unallocated balance of 1,129,618 PASTA tokens, plus 117,598 PASTA accumulated from transfer fees waiting to be transferred from the token contract to the multisig, for a total of 1,247,216 tokens available to governance.
If you’re interested in getting involved with PastaDAO, hop in our discord!
Thanks for reading, and stay hungry my friends 🍝
**Disclaimer**: This article is for informational purposes only, and does not constitute financial, legal or tax advice.
